EOS Price Analysis: Uptrend At Risk Below $0.85
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■ EOS price started a fresh decline after it failed to clear $1.150 against the US Dollar.
■ The price is now trading below $1.00 and the 55 simple moving average (4 hours).
■ There is a declining channel forming with resistance at $0.770 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
■ The pair could continue to decline if it stays below the $0.775 and $0.80 resistance levels.
EOS price is struggling below $1.00 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.80.
EOS Price Analysis
In the past few days, EOS price saw a fresh decline from the $1.150 resistance against the US Dollar. The price traded below the $1.10 and $1.00 levels to move into a bearish zone.
The pair even declined below the $0.850 support zone. Finally, the bulls appeared near the $0.660 zone. A low was formed near $0.6595 and the price is now attempting a recovery wave. There was a move above the $0.700 and $0.715 resistance levels.
The price tested the 23.6% Fib retracement level of the downward move from the $1.1506 swing high to the $0.6595 low. EOS is now trading below $0.80 and the 55 simple moving average (4 hours). It is facing resistance near the $0.770 zone.
There is also a declining channel forming with resistance at $0.770 on the 4-hour chart of the EOS/USD pair. The next resistance is near the $0.80 zone. If there is a recovery wave, the price might struggle near the $0.800 zone.
The next resistance is near the 50% Fib retracement level of the downward move from the $1.1506 swing high to the $0.6595 low at $0.90. A clear move above the $0.90 level could start a steady increase toward the $1.00 level. Any more gains might send the price toward the $1.150 level.
On the downside, immediate support is near $0.70. The next key support is near the $0.660 level. If there is a downside break below the $0.660 support, the price could test the $0.620 support in the near term.
Looking at the chart, EOS price is now trading below the $0.80 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.7750 and $0.800 resistance levels.
Technical indicators
4 hours MACD – The MACD for EOS/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $0.700 and $0.660.
Major Resistance Levels – $0.7750 and $0.800.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
